Allianz's P&C unit grows top and bottom line in Q4German insurance powerhouse Allianz delivered an operating profit of Eur1.5bn ($1.69bn) in its property and casualty business in the fourth quarter of 2018, which was coupled with top line growth in the segment.
California considers disaster response insuranceCalifornia’s insurance commissioner Ricardo Lara is behind a proposal that could see the wildfire-ravaged state buy insurance to pay for disaster response costs related to catastrophic events.
Fairfax weathers cats to report improved Q4 combined ratioA significant improvement in Allied World’s underwriting performance helped Fairfax Financial’s (re)insurance operations report an improved combined ratio for the fourth quarter.
AIG continues reinsurance revamp with $275mn HNW US cat coverAIG has added a new $275mn cat cover to protect its high net worth (HNW) personal lines business in the US.
State Auto posts improved combined ratio for Q4State Auto’s fourth-quarter operating income per diluted share was $0.67, compared with a net loss from operations per diluted share of $0.49 for the prior year period.
Holborn hires Sciolla as chief production officerUS reinsurance broker Holborn has hired former Gen Re executive Berto Sciolla as chief production officer.
AIG: ‘We don’t need a hard market to improve this book’AIG is confident it is almost free of the drag of the previous management’s “go-large” approach on its combined ratio.
Lancashire shares up over 7% percent on earnings beatShares in London-listed Lancashire climbed 7.06 percent in trading on Thursday (14 February) after the carrier reported better-than consensus fourth quarter financial results.
Tokio Marine’s European and reinsurance units return to blackJapanese giant Tokio Marine’s reinsurance and European businesses both returned to a profit in the first nine months of 2018.
Carnegie-Brown steps down as Moneysupermarket chairBruce Carnegie-Brown will stand down as chairman and non-executive director of price comparison website Moneysupermarket.com in May 2019.
Florida specialists outperform in cat years: AonThe group of largely Demotech-rated carriers that dominate Florida’s homeowners insurance market typically outperform the subsidiary operations of national insurers operating in the state in years hit by hurricanes, according to a report by Aon.
Sompo International swings to 9M underwriting profitSompo International - which was built out through its Japanese parent’s mammoth 2016 acquisition of Endurance – reported a combined ratio of 93.2 percent for the nine months to the end of December 2018, a 25.7 percentage point improvement on the same period in 2017.
AIG shares plunge 9% on Q4 lossAIG shares were trading down close to 9 percent in New York this morning as investors reacted negatively to a big Q4 2018 earnings miss.
MS&AD nine-month profits up as MS Amlin losses narrowJapanese carrier MS&AD saw its profits nearly double year-on year, increasing 47 percent to 237.6bn yen ($2.14bn) in the nine months ended December 2018.
Everest Re confident of premium growth despite business mix shiftEverest Re’s property cat reinsurance book was down at 1 January but the Bermudian carrier said it believed its casualty business will drive an overall increase in reinsurance premiums for the first quarter.
Cats push Lancashire to $16mn Q4 loss; top line balloonsLancashire has reported a pre-tax loss of $16mn in the fourth quarter of 2018, a marked deterioration on the $3.2mn loss posted in the same period last year.
AIG’s $365mn reserve charge contributes to big Q4 missAIG shares were down more than 3 percent in after hours trading in response to the insurer reporting an adjusted after-tax loss of $559mn, or $0.63 per share, for the fourth quarter of 2018.
Assurant cuts cat XoL retention by a third after lossesUS insurer Assurant has lowered the per-event retention on its 2019 catastrophe reinsurance programme from $120mn to $80mn after consecutive years of cat losses.
Asia poised for substantial insurtech growth: KPMGInsurtech “matured significantly as a sector” last year, with 13 deals worth more than $100mn each, according to a new KPMG report.
Nationwide and MS&AD invest in insurtech platform SocotraInsurtech platform Socotra has raised $5.2mn, bringing its overall funding to $18mn.